CUNA, NAFCU, CUNA Mutual stand together in support of NCUA’s field of membership rule
WASHINGTON, DC (March 12, 2020) — Responding to a petition filed with the Supreme Court of the United States by the American Bankers Association in the case American Bankers Association v. National Credit Union Administration, the Credit Union National Association (CUNA), the National Association of Federally-Insured Credit Unions (NAFCU), and CUNA Mutual Group issued the following response:
“It is unfortunate to see the bankers devote so many resources to restricting the financial options of American consumers,” said CUNA President/CEO Jim Nussle. “We believe the Appellate Court made the right decision in December and will continue to defend the NCUA’s authority to promulgate field of membership rules for America’s credit unions to deliver not-for-profit financial services to consumers.
“Banks’ continued opposition to modernizing credit unions’ Field of Membership rules is an indication of their hostility toward credit union growth and competition,” said Dan Berger, NAFCU President and CEO. “Credit unions have a strong history of stepping up for their members, especially in underserved communities, and NAFCU will continue to support the NCUA’s modernized Field of Membership rules that allow credit unions to better serve their communities.”
“As a credit union system, we remain undeterred by the bankers’ relentless legal maneuvers,” said Robert N. Trunzo, CUNA Mutual Group President & CEO. “We look forward to continuing to work with our system partners to demonstrate why NCUA Field of Membership rules are legitimate and within the agency’s scope of authority.”
About CUNA
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.
About NAFCU
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter or contact Bobby Grant, bgrant@nafcu.org.
About CUNA Mutual Group
CUNA Mutual group is a financially strong insurance and financial services company enabling people to make financial decisions that work for them. The company was built on the principle of “people helping people” and the belief that a brighter financial future should be accessible to everyone. For more information, visit www.cunamutual.com. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Corporate headquarters are located in Madison, Wis. For more information please contact Philip Tschudy, Tschudy@cunamutual.com.
